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Monday's primary highlights

** It was a measured start to the week in the European primary market where just EU1.55bn of paper printed in the single currency courtesy of three tranches from corporates McKesson Corporation and Securitas AB. For the full details see IGM EUR DAILY NICS & BOOKS

** Supply was spearhead by McKesson which issued an SEC-Registered M&A driven debut EUR1.2bn 4.5yr (Aug 2021) and 8.75yr (Nov 2025) two-parter along with a GBP450m 12yr (Feb 2029) tranche. For more background on this transaction and the EUR350m 7yr deal for Securitas, see IGM's CORP SNAPSHOT

** FIG drew an issuance blank whilst most of the deals on our snapshot were bid tighter in secondary compared to levels seen Friday morning, building on the general tightening seen through much of last week. For the full performance tracker of recent FIG deals see IGM FIG SNAPSHOT

** The ECB released its latest CSPP update Monday, with the central bank announcing it holds EUR62.924bn of corporate securities as of 10th February. The latest data implies a monthly purchasing rate of EUR7.54bn which is up from EUR7.52bn the previous week. For more see IGM's ECB CSPP Review


IGM European Weekly Credit Excel Spreadsheet

** The IGM European Weekly Credit Overview is your comprehensive round-up of primary European new issue activity in Excel format, which allows users to conveniently download, save and edit the data as required. As well as new issue terms and conditions the spreadsheet incorporates additional new issue data sets including distribution stats, book sizes, NICs and secondary market performance

IGM/EPFR Weekly Cheat Sheet in Excel

** IGM/EPFR Weekly Cheat Sheet provides proprietary intelligence on Euro primary market trends using various key data points in an easily digestible Excel spreadsheet. This includes Euro new issue volumes, average new issue concessions and book cover ratios across asset classes, as well as EPFR fund flow data and other key credit proxies


Tuesday's potential primary supply

** KfW is set to launch a new EUR 10yr Global issue having hired Barclays, BAML and UniCredit on Monday afternoon. No price talk had been revealed at the time of writing

** Japan Bank for International Cooperation (JBIC) is taking IoIs for a USD 3yr Global fixed and/or floating rate issue at +60 area IPTs (vs m/s for fixed, 3mL for FRN) via Barclays, Citi, Daiwa and JP Morgan

** Erste Abwicklungsanstalt (EAA) is marketing a USD1bn 2yr at m/s +20 area IPTs via Barclays, BAML, Daiwa, Deutsche Bank and HSBC


Monday's broader market developments - path of least resistance still higher for stocks

** EU risk assets opened higher, then extended gains, buoyed by President Trump's restrained response toward North Korean missile test and lack of controversy stemming from weekend meeting between President Trump and Japan PM Abe. Safe havens hit

** Stoxx600 pushed higher for a 5th straight day - hitting highest level since Dec 2015. Materials outperformed

** S&P500 hit record high for third straight session

** Govvies - core yields rose as haven demand ebbed and US reflation trades were re-set while peripheral yields mostly fell as Italy sold maximum 3-30yr BTPs. Greek yields rose again though as markets reacted negatively to warnings from Athens CB governor that bailout impasse risks another recession/more austerity

** iTraxx indices erased most of Friday's widening- Crossover back under 300 level

Market snapshot (15.35)

SXXP +0.91% / SX7P +1.11%

GER 2yr +0.4bps at -0.806% / 10yr +1.7bps at 0.332%

ITA 10y -3.1bps at 2.225%

Brent -1.82% at USD55.67

Gold -1.04% USD1220.81

iTraxx Main -1.6 at 73.4 / Crossover -5.7 at 296.3


What to watch Tuesday

** Data: Watching a batch of preliminary Q4 GDP figures (Germany, Italy, Portugal and Greece) and second estimate Eurozone version (flash est 0.5%, prev 0.4%) with the latter to follow Dec Industrial Production (est -1.5% MoM). UK Jan CPI and PPI Output are seen firmer YoY with the former estimated at 1.9% and within a whisker of the BoE's 2% inflation target. German ZEW current conditions and Economic sentiment indices are both forecast weaker in Feb, but relatively close to Jan levels. Light US agenda with PPI the most noteworthy

** Events: Fed's Yellen delivers semi-annual congressional testimony before the Senate Banking Panel. Also watching Fed's Lacker, Kaplan and Lockhart

** Supply: There are no significant term auctions scheduled on Tuesday 14th February

** Earnings: 12 Stoxx600 and 11 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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